Eliot Spitzer is going after Richard Grasso's money, raising a hot question in the fight to clean up corporate America: How much is a CEO worth?

Wall Street would love to see Eliot Spitzer realize his immediate political ambitions--becoming, say, Governor of New York or possibly landing a role in a Kerry Administration. Not that financial types wish him well; they just wish he would move on. As New York's attorney general, Spitzer, 44, has pushed through reform of stock-research and investment-banking practices, lobbied for a reduction in mutual-fund fees and left a trail of disgraced executives in his wake. Spitzer carved another notch in his belt last week. After drawn-out negotiations, Richard Strong, the former chief executive of Strong Capital Management, agreed to pay a $60...